How it works
AEQUA and the buyback
AEQUA is the protocol token: 1,000,000,000, a fixed supply, launched entirely to the public. The protocol's share of the reserve's yield buys it on the market. Half of every buyback is burned, and half streams to stakers.
- Supply
- 1,000,000,000, fixed
- Buyback
- up to 5,000 USDq, at most hourly
- Burned
- 50%
- Streamed to stAEQUA
- 50% over 7 days
The token
| Ticker | AEQUA |
| Supply | 1,000,000,000, fixed |
| Authorities | Mint and freeze authority revoked at launch |
| Launch | Fair launch: the whole supply to the public launch, on equal terms |
| Allocations | None: no presale, no team, investor, airdrop or reserved pools, no vesting |
| Supply over time | Falls with every buyback burn; nothing mints AEQUA |
The team holds AEQUA the same way everyone does: bought at the launch, on the same terms. The protocol itself holds AEQUA only inside a transaction: everything a buyback buys is burned or streamed in that same transaction.
What pays for the buyback
Two flows feed the protocol vault, and the vault's only way out is the buyback:
| Flow | Share | Goes to |
|---|---|---|
| Each distribution | 80% | sUSDq |
| Each distribution | 10% | The Reserve Fund; once it holds 2% of supply, the protocol vault |
| Each distribution | 10% | The protocol vault |
| Mint and redeem fees | 100% | The Reserve Fund; once it is full, the protocol vault |
| The protocol vault | 100% | The AEQUA buyback |
So the buyback starts at 10% of the reserve's distributed yield, and once the Reserve Fund is full it doubles, and the fees join it.
The buyback
| Step | Rule |
|---|---|
| Crank | buyback: anyone may call it, at most once every 60 minutes |
| Size | The protocol vault's balance, up to 5,000 USDq, swapped through Jupiter |
| Price | It must fill within 1% of the AEQUA pool's 30-minute on-chain average price; a fill outside reverts |
| Split | In the same transaction, 50% of the AEQUA bought is burned and 50% enters the stAEQUA stream |
| Counters | USDq spent, AEQUA burned and AEQUA streamed, counted on chain; the AEQUA tab shows burned and streamed |
The stream releases its AEQUA to the stake pool evenly over 7 days. Rewards explains how stakers receive it.
Per $100M of USDq a year
Worked on SPYx inputs, with the reserve earning about 4.2% of supply a year. While the Reserve Fund fills, the buyback gets one tenth of the yield; once it is full, two tenths plus the fees.
| Reserve Fund filling | Reserve Fund full | |
|---|---|---|
| sUSDq | $3.36M | $3.36M |
| Reserve Fund | $420k + fees | — |
| Buyback | $420k | $840k + fees |
| Burned | $210k | $420k + half the fees |
| Streamed to stAEQUA | $210k | $420k + half the fees |
AEQUA and the reserve
- USDq's reserve never holds AEQUA.
- No path mints USDq against AEQUA.
- No instruction withdraws from the protocol vault; the buyback is its only outflow.
- Governance can never mint AEQUA.
What always holds lists the program's rules.
On the AEQUA tab
The field shows everything bought so far in 200 cells of ink: half burned, as plus cells, and half lit as streamed, with the part still streaming in blue. Beside it:
- AEQUA burned and AEQUA streamed, from the program's counters;
- supply now: 1,000,000,000 minus everything burned;
- AEQUA staked, and its share of supply;
- backstop depth, and the stream yield;
- a strip of buybacks by day, burned under streamed.
Every figure on the tab is in AEQUA, read from the program, so no price can be read from it.